On July 24th, CIBC will introduce a feature suite called Travel Tools to its iOS and Android mobile banking app.
Co-developed with Visa and National Australia Bank (NAB), the feature takes advantage of a smartphone’s GPS to display, in real-time, the local exchange rate — as well as any applicable fees — users can expect to pay when completing a transaction with their Visa credit card while traveling. In addition, the feature provides advice should users find themselves in a situation where a merchants accepts more than one form of foreign currency. Both features are compatible with 152 currencies from around the world.
CIBC says it hopes the feature will help its customers make informed purchasing decisions while they’re traveling abroad.
“With Canadian international travel up 3.5 percent in the first quarter of 2017* alone, now more than ever we are offering meaningful mobile advice to our clients so they can focus on enjoying their trip knowing we’re supporting them before, during and after their travel all from the palm of their hand,” said Steve Webster, vice president of travel cards at CIBC, in a statement issued to MobileSyrup.
In a recent study conducted by Forrester Research Inc., CIBC’s iOS and Android app was proclaimed the best Canadian mobile banking app. The U.S.-based firm specifically praised CIBC for adding features that are often not found in other mobile banking apps. Specifically, the firm highlighted the ability to order foreign currency directly within the app as something that’s not often found in other mobile banking apps.